2024-08-15
The DeFi sector is showing signs of resurgence, with the Aave lending and borrowing platform is reaching a new all-time high in weekly active borrowers.
On August 14, 2024, Aave founder, Stani Kulechov, posted on X that Aave reached all-time high on weekly active borrowers last week and almost reached all-time high on weekly depositors as well.
The protocol reported about 40,000
active weekly borrowers, surpassing the previous peak in late 2022.
This growth has been attributed to the
emergence of new lending markets such as Base and Scroll, with Base accounting
for nearly 30% of the total unique wallets on Aave V3.
Layer-2 platforms like Arbitrum and
Polygon also contribute significantly, holding 23.4% and 21% wallet shares on
Aave, respectively.
The spike in the number of Aave
depositors earlier this month further underscores the platform’s momentum.
Aave remains the third-largest DeFi
protocol in terms of total value locked (TVL), boasting a reported TVL of $11.496
billion as of July 15, 2024.
Despite a 70% increase in protocol TVL
this year, it is still down from its peak of around $19.442 billion in October
2021.
The overall DeFi ecosystem has also
seen a 40% gain in TVL this year, reaching $90 billion.
Blockchains currently supported by Aave
include:
1. Ethereum (and other layer-2 as well)
Aave operates on Ethereum, with a focus
on Layer 2 solutions such as Arbitrum and Optimism for improved scalability and
lower transaction costs.
2. Arbitrum
3. Optimism
4. Polygon:
Aave has integrated with Polygon, a
popular Layer 2 scaling solution, to offer lower-cost transactions.
5. Avalanche
Aave is also available on Avalanche,
providing users with another scalable and efficient blockchain option.
6. BNB Chain
Recently, Aave launched its V3 protocol
on the BNB Chain, expanding its reach within the Binance ecosystem.
7. Base
8. Kava EVM: Aave has
deployed on Kava's EVM, leveraging its connection to the Cosmos ecosystem.
9. Scroll
Aave has launched on the Scroll
mainnet, a zk-rollup solution, enhancing Ethereum's scalability.
10. Fantom
11. Metis
12. Gnosis
These developments suggest a positive
trend for DeFi protocols.
As of August 15, 2024, AAVE token has a market cap of $1.571 billion. This makes
AAVE the world's 48th most valuable crypto by
market cap.
